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Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government, and Transportation. The Commercial segment offers business process services and customized solutions, customer experience management, business process as a service, integrated digital solutions, healthcare claims and administration, and human capital solutions. Its Government segment provides government-centric business process services to the United States federal, state, local, and foreign governments for public assistance, healthcare program and administration, transaction processing, case management, and payment services; and digital payments, child support payments, government healthcare, and eligibility and enrollment solutions. The Transportation segment offers systems, support, and revenue-generating solutions that include road usage charging and management solutions; transit solutions; computer-aided dispatch/automatic vehicle location technology to help clients manage their fleet operations; and tolling, transit, and digital payment solutions that streamline operations. This segment also provides electronic tolling, urban congestion management, and mileage-based user solutions. Conduent Incorporated was founded in 2016 and is headquartered in Florham Park, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.0B | $82M | $-170M | $-154M | -24.8% | -9.4% | -139.9% |
| 2024 | $3.4B | $783M | $426M | $-106M | 50.8% | -9.8% | -243.9% |
| 2023 | $3.7B | $43M | $-296M | $-4M | -47.1% | -3.5% | 62.6% |
| 2022 | $3.9B | $187M | $-182M | $-9M | -19.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,858 | 3,722 | 3,356 | 3,042 |
| Operating Revenue | - | 3,858 | 3,722 | 3,356 | 3,042 |
| Cost Of Revenue | - | 3,018 | 2,888 | 2,730 | 2,490 |
| Gross Profit | - | 840 | 834 | 626 | 552 |
| Operating Expense | - | 677 | 729 | 665 | 610 |
| Research And Development | - | 7 | 7 | 6 | 4 |
| Selling General And Administration | - | 440 | 458 | 455 | 412 |
| Total Expenses | - | 3,695 | 3,617 | 3,395 | 3,100 |
| Operating Income | - | 163 | 105 | -39 | -58 |
| EBITDA | - | 187 | 43 | 783 | 82 |
| Normalized EBITDA | - | 394 | 372 | 178 | 128 |
| EBIT | - | -43 | -221 | 579 | -112 |
| Interest Income | - | 7 | 18 | 23 | 7 |
| Interest Expense | - | 84 | 111 | 75 | 48 |
| Net Interest Income | - | -84 | -93 | -52 | -41 |
| Other Non Operating Income Expenses | - | 1 | -15 | -10 | -15 |
| Other Income Expense | - | -206 | -344 | 595 | -61 |
| Interest Income Non Operating | - | 7 | 18 | 23 | 7 |
| Interest Expense Non Operating | - | 84 | 111 | 75 | 48 |
| Net Non Operating Interest Income Expense | - | -84 | -93 | -52 | -41 |
| Pretax Income | - | -127 | -332 | 504 | -160 |
| Tax Provision | - | 55 | -36 | 78 | 10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -43.47 | -35.20 | 93.63 | -9.66 |
| Net Income Continuous Operations | - | -182 | -296 | 426 | -170 |
| Net Income From Continuing And Discontinued Operation | - | -182 | -296 | 426 | -170 |
| Net Income From Continuing Operation Net Minority Interest | - | -182 | -296 | 426 | -170 |
| Net Income | - | -182 | -296 | 426 | -170 |
| Net Income Common Stockholders | - | -192 | -306 | 416 | -180 |
| Net Income Including Noncontrolling Interests | - | -182 | -296 | 426 | -170 |
| Normalized Income | - | -18.47 | -2.20 | -85.37 | -133.66 |
| Diluted NI Availto Com Stockholders | - | -192 | -306 | 416 | -180 |
| Basic Average Shares | - | 204.49 | 216.78 | 182.51 | 158.42 |
| Diluted Average Shares | - | 204.49 | 216.78 | 191.03 | 158.42 |
| Reconciled Depreciation | - | 230 | 264 | 204 | 194 |
| Reconciled Cost Of Revenue | - | 3,018 | 2,888 | 2,730 | 2,490 |
| Total Unusual Items | - | -207 | -329 | 605 | -46 |
| Total Unusual Items Excluding Goodwill | - | -207 | -329 | 605 | -46 |
| Preferred Stock Dividends | - | 10 | 10 | 10 | 10 |
| Special Income Charges | - | -207 | -329 | 605 | -46 |
| Gain On Sale Of Business | - | 158 | -10 | 696 | -11 |
| Other Special Charges | 18 | -32 | -30 | 17 | - |
| Impairment Of Capital Assets | - | 358 | 287 | 28 | 0 |
| Restructuring And Mergern Acquisition | - | 39 | 62 | 46 | 35 |
| Depreciation Amortization Depletion Income Statement | - | 230 | 264 | 204 | 194 |
| Depreciation And Amortization In Income Statement | - | 230 | 264 | 204 | 194 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Conduent Incorporatedthis co. | CNDT | $259M | -1.52 | 0.38 | -24.8% | 10.57 |
| The Hackett Group, Inc. | HCKT | $279M | 21.54 | 4.09 | 19.0% | 11.80 |
| Asure Software, Inc. | ASUR | $261M | -19.88 | 1.32 | -6.6% | 15.09 |
| Blaize Holdings, Inc. | BZAI | $258M | -1.24 | 6.60 | -530.5% | -2.37 |
| CS Disco, Inc. | LAW | $251M | -5.67 |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.96 |
| -34.6% |
| -5.37 |
| Richardson Electronics, Ltd. | RELL | $251M | -219.31 | 1.60 | -0.7% | 32.74 |
| Aviat Networks, Inc. | AVNW | $250M | 186.71 | 0.95 | 0.5% | 15.93 |
| Turtle Beach Corporation | TBCH | $248M | 15.78 | 1.93 | 12.2% | 8.09 |
| Commerce.com, Inc. | CMRC | $235M | -12.14 | 5.97 | -49.1% | 55.05 |
| Peer Median | - | -3.46 | 1.95 | -3.7% | 13.45 | |